Faber Accuses Government of Rushing $330 Million Fortis Deal

United Democratic Party (UDP) Senator Hon. Patrick Faber has accused the Briceño administration of recklessly rushing through the $330 million acquisition of Fortis Belize Limited and its associated electricity assets, describing it as another instance of big money deals pushed through without scrutiny.

Faber, speaking at the UDP’s press conference on Thursday, said members of the House were asked to approve the deal without access to critical evaluations on the Mollejon, Chalillo, and Vaca dams. He said senators received the reports from NIRA Consulting and consultant Mr. Sunderland, but even so, “the very fact that they're asking us again to do all of this evaluation, to study and to support the bill again passing through the Senate all in one sitting is unconscionable and has to suggest that the government is yet again trying to pull a fast one.”

The transaction, valued at US $110 million for Fortis Belize Limited and an additional US $36 million for Fortis Inc.’s 33.3% shareholding in Belize Electricity Limited (BEL), was approved in both chambers within one weekend. Faber said the Prime Minister had already signed the agreement before the debate concluded, leaving legislators to retroactively endorse the decision.

According to Faber, the government is “pushing very important, big money deals down the throats of the Belizean people,” in a manner that undermines parliamentary oversight. He argued that the financing method—described as a “special budgetary appropriation” —represents new domestic borrowing that could weaken Belize’s financial system. “That is the same money my friends that Belizeans go to the bank to borrow,” he said, warning that the move would eventually “cause a crippling of our financial system.”

The senator further questioned the government’s intent to later divest the hydropower assets through a new entity, Hydro Belize Limited, chaired by Ambassador Lynn Young, suggesting that the eventual resale to local banks, credit unions, and the Social Security Board could benefit politically connected investors. He described the plan as a “pension plan for the boys,” arguing that the public would shoulder the debt while private interests reap the rewards.

Faber recalled that under a previous UDP administration in 2011, BEL was nationalized “to protect Belizeans from unfair rates and foreign domination.” He said the current transaction reverses those gains, trading transparency for expedience.

He also questioned the administration’s claim that the buyout would lower electricity rates, saying that local investors would still prioritize profits. He warned that Belizeans should expect “an increase in electricity rates coming up shortly,” despite government assurances to the contrary.

The Opposition maintains that the government’s handling of the deal reflects a broader pattern of secrecy. It has called for full disclosure of the financial details, including the terms of any tax exemptions granted to future owners, before the deal is finalized.